Bank of England inquiry procedures questioned by top lawyer
A leading barrister, Charles Bear QC, has raised more questions about the Bank of England‘s record on internal investigations – undermining the bank’s credibility on the Forex and other international scandals.
Mr Bear says that a more rigrourous report than that commissioned by the Bank on what its staff knew about the Forex scandal as it brewed ‘might have’ addressed more questions about what actually happened. The Bank had commissioned barrister Lord Grabiner QC to carry out a report about what staff at the central bank knew.
Bank fines
The issue is a live one – as only last week fines of US$5.6b were announced in related to two British banks and four others on Forex. The report from Lord Grabiner cleared the Bank of wrong-doing. But Mr Bear’s opinion – commissioned by MP Jesse Norman – raises awkward questions about the bank’s efficiency and general capacity to investigate itself.
Source: Global Legal Post – Bank of England inquiry procedures questioned by top lawyer
